Turkey has 81 provinces and 8 geographical areas. Beginners may find it difficult to decide where to buy property in Turkey, with options ranging from large cities to small towns. Exceptional infrastructure, easy access to airports, and Western-style attitudes have drawn foreign buyers to parts of Turkey. Istanbul and the Aegean and western coastlines have these zones.
If you’ve been to Turkey before, you may already know where to shop. Fortunately, several places have outstanding apartment and villa portfolios. Prices vary by area. The price of a furnished two-bedroom flat in Kalkan starts at US$120,000. In Turkey, you can buy property. The 36th largest country has a diverse climate and infrastructure. Seaside property, old apartment, modern penthouse, or renovated cottage. Some other houses are available for rent.
There are many options for foreign investors in Turkey. Turkey’s excellent exchange rate and a large range of affordable solutions attract investors. Turkish real estate will be the 14th most desirable for foreigners in 2020, according to Remote Ventures. Diverse nationalities profit from the Turkish property market. The best places to buy property in Turkey are listed below.
The Istanbul region of Turkey is a renowned tourist destination. The contrast between its old neighborhood and modern, vibrant economic sectors is striking. Istanbul‘s lovely climate makes it a year-round destination, with ancient sites, vibrant nightlife, chic shopping, and modern property in Istanbul.
On both the European and Asian borders, there are 900 settlements in 39 administrative districts. The city’s population of nearly 15 million is predicted to grow over the next decade as the city promotes itself as a major center of banking, commerce, education, tourism, and economy.
The European side of Istanbul is more famous and popular than the Asian side. This is owing to the Sultanahmet and Beyoglu districts, the city’s new and old parts. The Golden Horn separates them, while the Bosphorus Strait separates them from Asia.
Bakirkoy’s high-class reputation and commercial prominence are well-known throughout the country. However, Yesilkoy, a picturesque seaside suburb, receives greater attention from those eager to reach the beach.
- Seaview Properties with an area of 85 square meters is available for US$270,000.
- A 75-square-meter finished flat in Atakoy costs US$107,000.
Basaksehir is located inland and bordered by many other districts, the local council compensated for the absence of a beach atmosphere by establishing multiple parks and constructing Turkey’s largest artificial lake.
- The price of a 5-star landmark house with 124 square meters is US$549,000.
- A family flat of 141 square meters costs US$162,000.00.
Beylikduzu’s renowned reputation extends back to Ottoman times when affluent inhabitants fled from the main center for summer leisure. Nowadays, the abundance of businesses and the coastal setting contribute to the city’s upper-class lifestyle.
- 469 sqm family residences with pools are available for US$942,600.
- The price of a 155-square-meter Metro home house is US$291,700.
With a land area of 2,770 hectares, Esenyurt’s cultural centers, higher education institutions, verdant parks, and reasonably priced real estate readily attract international purchasers.
- The price of a 121-square-meter full-service apartment is US$156,000.
- The price of a 91-square-meter Marmara sea view apartment is US$131,800.
- The cost of a finished 134 sqm affordable house is US$60,000.
Kucukcekmece is defined by a huge lake, although a few Ottoman sites are also popular among Turkish history buffs. Kucukcekmece, one of the neighborhoods along the projected Istanbul Canal path, has seen real estate values soar in recent years as investors take advantage of the neighborhood’s strategic location.
- A 121-square-meter Marmara lake panorama is available for US$320,000.
- The lake view close to Marmaray with 183 sqm is for sale for US$575,000
- Atakent home with 145 square meters costs US$200,800.
Zeytinburnu is a working-class neighborhood divided into 13 smaller neighborhoods. Its central position makes it attractive since property owners enjoy all the benefits of city living just a short distance away while being far enough to avoid the trappings of metropolitan life.
- A sea-view family house of 110 square meters is available for US$201,000.00.
- The price of a 355-square-meter seafront home in an Ottoman palace is US$1,260,000.
While both Turkish and visitors ignored Asian Istanbul for decades, its significance expanded as the internet evolved and foreigners became more interested. Its excellent transit links make it an ideal place to live and commute to the EU.
Kadikoy is a famous Asian Istanbul area, Kadikoy’s cultural scene draws a large number of visitors and like-minded Turks. Locals utilize its ferry port to go to the European side since it is home to the renowned Haydarpaşa railway terminus.
- A luxury Bosphorus view apartment of 131 square meters costs US$210,000.
- The price of a fully finished family flat with 205 square meters is US$797,600.
- A sea view home of 160 square meters is available for US$1,000,000.00.
Maltepe is a beautiful view of the Princess Islands, Maltepe’s remote position is excellent for those seeking a more peaceful way of life. The everyday pace is slower than in other areas since the city is divided into 18 smaller neighborhoods.
- A 111-square-meter panoramic sea view home is available for US$418,200.
- The price of a 67-square-meter apartment with a view of the sea and an island is US$159,600.
Bursa, in Northwest Turkey, is one of Turkey’s most prominent regions. The name alludes to both the city and the province, which are known throughout Turkey for their lush foliage and gorgeous surroundings.
Bursa was the Ottoman empire’s reigning capital before the Ottoman invasion of Constantinople. The UNESCO-listed Ottoman landmarks draw visitors from all over the world.
Bursa is a port city near Istanbul, flanked by the Marmara Sea. This eclectic city’s diversified offerings include skiing, snowboarding, historic Ottoman mosques, and hot springs. Just behind Istanbul in terms of economic growth and rich people, Bursa is a city that has always led in foreign property sales, notably luxury houses and villas.
Bursa exceeds all other Turkish cities for high-end lifestyle enthusiasts. Bursa’s accessibility is also appealing. Bursa can be reached via boat, plane, or car. Due to its location and culture, Bursa has long been a favorite of Arabic civilizations. It is also accessible to many international airports.
Moreover, Bursa, the top of the Uludag mountain, is one of Turkey’s most popular skiing resorts. The beaches and landscapes of Mudanya and Yalova entice. Turkish tourists flock to these springs and resorts. Despite its proximity to Turkey’s most important, largest, and most recognized city, Bursa’s modest pricing per square meter may surprise buyers.
Mudanya district, north of Bursa on the Marmara Sea, is a popular tourist attraction. The area is 346 m2, with an estimated 83 thousand residents in one town (Terelia), 36 villages, and 8 neighborhoods. It is located thirty kilometers from Bursa’s city center and benefits from the pleasant Marmara Sea climate.
However, other crops such as vegetables, fruits, cereals, and industrial crops such as sunflowers are also grown. Fishing has extended throughout the region but has recently declined, and imports and export make for the majority of regional trade.
- Newly completed luxury Mudanya Villas with 465 m2 cost US$640,000.
- Traditional lake view villa with 200m2 costs US$500,000.
- Bursa apartments close to the center with 178m2 cost US$114,192.
- Bursa nature views apartments with 126m2 cost US$135,238.
Nulufer is the third-largest area in Bursa, and it is seeing rapid growth in the sector of building and real estate development in Turkey, making it the most populated zone of Bursa in recent years.
The district has a lovely temperate climate and comprises sixty-four neighborhoods. It also contributes to the country’s economy through its industrial, agricultural, and animal riches, since the district contains the most significant industrial sectors of Bursa. The cost of a property is around US$130,000, depending on the sqm.
A lovely and serene region in Bursa, the Gemlik area is one of the most sought-after residential complexes due to the availability of aspects of comprehensive well-being and numerous service possibilities. Gemlik in Bursa has several recreational facilities, service enterprises, private and municipal eateries, as well as a significant hospital that offers various services and treatments. The region is also recognized for its many tourist destinations and factories that produce textiles, marble, machinery, autos, steel, and many other products. For a property of 95 sqm, the cost is US$90,000.
Antalya, on Turkey’s eastern Mediterranean coast, has long been a famous tourist resort. Its international atmosphere welcomes everyone, regardless of class. Of course, it has some of Turkey’s most luxurious hotels, but even those on a budget will feel at ease. It excels at more than just tourism. It is a thriving commercial, retail, nightlife, and cuisine hub on the Turkish Riviera. Plus, it’s a booming real estate market and a large ex-pat population.
Starting with the weather may seem trite, but Antalya has a unique edge. Turkey has three climate zones. In any given month, weather patterns vary across the country. In June, the Northeast Kackar mountains are cold, while Antalya’s beaches are hot. During the winter, Antalya’s unique climatic system shines. While Istanbul is snowed in, Antalya property owners are swimming and dining al fresco. Its year-round beauty draws retired ex-pats looking to spend as much time as possible in the sun.
The present focus is on the advantageous exchange rate between the Turkish Lira and other foreign currencies. Buyers are saving money. While Kepez, 15 km north of Antalya’s city center, does not overlook the Mediterranean Sea, it is surrounded by amazing tourist attractions and is a very desired region for individuals seeking tranquility, as well as freshly developed housing developments and complexes at very moderate costs.
A 35 km east of Antalya city, Belek district administratively follows the Serik district between Antalya city and the Alanya tourism area. Belek has a population of around 7,000 people, yet it is one of the most popular tourist destinations in Turkey, with over a million visitors annually, mostly Russian, German, and English. The area’s house prices range from US$50,000 to US$100,000 per square meter.
Lara is one of Antalya’s most prominent districts, where the city’s rich residents and European visitors from all around come for their summer vacations. The region, on the other hand, has several large malls, numerous cafés, and numerous amusement facilities, including playgrounds, theme parks, and a lovely sandy beach, as well as numerous restaurants serving a wide variety of excellent meals. Lara real estate is priced at US$150,000.
Izmir, Turkey’s third-largest city, is a Western-style metropolis. Many have compared it to Paris or Madrid for its cosmopolitan, liberal atmosphere, and living here is becoming a viable option for both Turks and foreign investors.
People want to buy Izmir real estate because of the city’s vibrant culture, art, live events, and closeness to some of the world’s most beautiful historical attractions. Due to its westernized views and vibrant city life, Izmir is well-positioned to benefit from a growing interest from foreign investors. It’s probably the best seaside city for an Aegean vacation.
Tourist, historical, and ecological attractions draw investors to Izmir. Investing in Izmir has never been easier because of Turkey’s general revitalization. That leaves real estate investment in all its guises. Izmir, home to roughly 4 million people, is easily accessible by car or bus.
Property in Bornova, Karsiyaka, Alsancak, Kemeralti, Balcova, and Narlidere is in high demand. It’s only 45 minutes from Konak to Alacati, where Izmir’s wealthy youth enjoy fine dining, windsurfing, and lazy Sundays. It takes 20 minutes to Cesme, a vibrant seaside town with a historic castle. A wide range of properties is available in Izmir.
Alacati is a windsurfing paradise located about 10 kilometers from Cesme. The historic stone houses lining cobblestone walkways are frequently featured in travel publications as a profound look into its Greek past. Alacati may also be proud of being one of the greatest windsurfing locations in the world.
- The price of a bed-stone villa with 140m2 is US$537,026.
- A 40m2 sea view property costs US$170,000.
Bornova is the third biggest district of Izmir, it is also a university center with a high student population. Tourists enjoy the 19th-century Levantine palaces in the old town as well as Forum Bornova, 200,000-square-metre retail, dining, and entertainment complex.
- The price of a luxury garden villa of 90m2 is US$258,092.
- The price of a luxury apartment with 160m2 is US$234,629.
Cesme is a charming coastal village that has long been a popular holiday resort for Turkish people. The New York Times ranked it as the 14th greatest location to visit in the world in 2010. Outdoor activities like diving and bicycling keep visitors coming back, while three marinas service hundreds of boats each year. Foreign buyers are interested in the property for sale in Cesme.
- A 350m2 luxury beach property costs US$1,501,363.
- The price of a new luxury sea view property with 140m2 is US$866,171.
- The price of a 167 m2 home unit is US$591,306.
Bodrum, in western Turkey, is a popular destination for international property purchasers. Aegean and Mediterranean coastlines attract numerous countries looking for vacation properties or permanent residences in the country.
Hotels, real estate, hospitals, health tourism, sports, infrastructure, and other industries have seen a spike in local and international investment in recent years. Its closeness to the world’s most important ports, as well as its tourism nature and beaches, have driven it to the forefront of Turkish cities as a source of investment.
Bodrum property investment yields an excellent economic return in Turkey, making it a popular property investment choice. Given its tourism and geographical importance, it is one of the most important Turkish cities for real estate investment. Its strong demand for luxury properties and distinctive tourist resorts necessitates a real estate structure that satisfies high demand.
This luxurious Aegean resort has its airport. There are many westernized Turks and foreigners from all around here. Bodrum real estate for sale draws wealthy buyers. Turgutreis and Yalikavak have thrived as ex-pat hotspots.
If you’re looking for a luxury villa for sale, the renowned Yalikavak is a great place to start. Many magnificent houses on the Bodrum peninsula have upper terraces facing the Aegean Sea, providing purchasers with breathtaking views. This town has a big ex-pat community, but its renown derives from the yachting scene, with numerous mega yachts mooring in the harbor.
- The cost of a luxury villa is US$539,646.
- A 145m2 beach apartment costs US$1,442,968.
- A 110m2 seafront apartment costs US$560,000.
If you want something classic yet with a contemporary twist, Gumusluk is the way to go. This little rural village seldom goes above and beyond, preferring to enjoy each day as it comes. There are a few apartments for sale, but the majority of the market is dominated by villas.
- The cost of a sea view property is US$1,583,745.
- The Gold View Bungalow with an area of 183m2 costs US$1,008,904.
- A 195m2 villa costs US$225,204.
Where are The Other Places to Buy a Property in Turkey?
While the above-stated locations are fantastic, if you didn’t like them or are seeking something new, we have some other wonderful spots for you to buy property in.
Mugla is one of the most visited Turkish regions, a tourist powerhouse that attracts millions of visitors every summer. Many of them end up remaining in this lovely corner of the planet. Mugla’s 1100km-long shoreline is the longest of any province in the country, and its pleasant Mediterranean climate, distinctive physical features, and rich history make it a must-visit destination not just in Turkey, but across the world.
Mugla province lies on Turkey’s southwestern edge, where the Aegean and Mediterranean oceans meet. Small plains and highlands dominate the landscape inland, flanked by mountains that run perpendicular to the sea. This structure, which is mostly covered with tiny shrubs and pot-shaped plants, produces an indented coastline that includes large peninsulas like Bodrum and Datca, as well as numerous bays and islands. Yacht tourism thrives because of ideal sailing conditions, and Mugla is linked with the name “Blue Voyage.” Lake Bafa and Lake Koycegiz are located in the area, with the latter opening into the Mediterranean through the scenic Dalyan waterway.
The area is also rich in freshwater resources, due to the high Sandras mountains, whose snow-capped peaks contain several springs that mix into streams before entering the sea. Pine woods are prevalent along the shore, providing stunning contrasts of blue and green. Mugla is the administrative hub, and notable towns include the tourist-driven Bodrum, Marmaris, and Fethiye.
We recommend seeing the entire region because of its importance in tourism, agriculture, and history. Mugla has something unique for everyone, from the frugal traveler to the large spender, from those seeking peace to those searching for investment possibilities. And if you’re considering investing in real estate in Turkey, Mugla should be on your radar, because foreigners have been buying land and real estate in and around many of its gorgeous spots for years.
The price of a 77-square-meter 1+2 apartment in Mugla is 157.822 USD.
The price of a 157 square meter 1+3 apartment in Mugla is 253.643 USD.
The price of a 150 square meter 1+4 villa in Mugla is 985.928 USD.
Ankara, the capital, has evolved into a republican metropolis. Since its contemporary inception, Ankara has been the hub of art, culture, education, and public institutions. With over 6 million citizens, the capital city is the second most populous in the country. The number of comprehensive housing developments in Ankara has increased in lockstep with the city’s population growth.
Ankara’s new residential complexes are generally mixed-use structures with novel features. Many of these expansive gated communities provide a variety of assets, including Ankara Turkey houses for sale, single-story or duplex homes, vast commercial buildings, and so on.
They also have substantial on-site amenities. Swimming pools, Turkish baths, sports spaces, children’s playgrounds, kindergarten, and wellness centers, including a spa, sauna, and steam room, are all part of the project. In terms of safety, time, and productivity, the characteristics of these residential developments are ideal for families. This allows you to spend valuable time with your children while just being a few meters away from your house.
In addition, Ankara’s never-ending need for housing indicates a strong real estate market. Ankara is home to some of the most famous universities and public organizations in the world. As a result of the continually rising population, the rental time in Ankara is short.
If you want to buy an apartment and use it as a source of income, Ankara is one of the greatest places to do it in Turkey.
The price of a 450 square meter 5+2 villa is 274,107 USD.
The price of a 185 square meter 4+1 apartment is 109,669 USD
Parallel to the rising population density in Istanbul, the majority of peace-seekers flocked to adjacent cities like Yalova, Bursa, and Kocaeli. Yalova has evolved into a contemporary hamlet giving a stylish and pleasant lifestyle near Istanbul.
Yalova’s way of life is amusing, happy, and humble yet colorful. You may simply take a boat to Istanbul, spend the day there, and return home on the same day. However, the primary attractions of Yalova are acceptable living circumstances, a healthy lifestyle surrounded by a well-preserved environment, and technology.
The number of new residential developments has skyrocketed in recent years. These projects are often constructed in a respectable setting and developed with novel elements appropriate for modern lives. This way, you may live your greatest life without sacrificing your comfort zone.
Houses for sale in Yalova Turkey are popular because they offer plenty of inner space as well as expansive outdoor living areas with seclusion. There are duplex and triplex villa choices available, each with its own set of configurable amenities such as roof terraces, private pools, vast gardens, underground garages, and more.
The price of a 380 square meter 7+1 villa is 383,842 USD.
The price of a 100-square-meter 2+1 villa is 109,669 USD.
Because of its spectacular natural beauty, closeness to the major industrial towns of Istanbul and Kocaeli, and strategic placement on the Istanbul-Ankara Highway, Sakarya has long been a popular vacation for many residents. In recent years, it has been a popular destination for international visitors who want to spend a relaxing weekend near the beautiful Sapanca Lake, as well as investors looking to buy property in Turkey. According to 2016 data, the city is considered both nationally and globally as one of the greatest locations to live in Turkey, with the best housing index. As a result, numerous Istanbul-based businesses focused their attention on this location for luxury investments and new Turkish residences.
It is also immensely culturally rich, owing to the numerous major historical structures from the Byzantine and Ottoman periods. There are many wonderful places to explore, with fantastic history and wildlife, so it is well worth visiting the area, even if only for a couple of tranquil days in nature.
The price of a 70 square meter 2+1 apartment is 105,947 USD.
The price of a 250 square meter 6+1 villa is 249,307 USD.
Mersin, with its prominent location and panoramic view of the Mediterranean Sea, is located on Turkey’s southern coast, with a massive port on the shore.
It is bounded on the east by Adana, on the west by Antalya, and the north by Konya and Nigde.
Undoubtedly, Mersin’s proximity to Konya and Antalya, both of which are rich in tourist sites and are regarded as key tourist destinations, helps to improve tourism in the city.
Mersin’s weather is heavily influenced by the Mediterranean Sea climate, which is hot in the summer and warm in the winter, with significant levels of rainfall in December and January, providing a healthy environment.
Mersin’s typical summer temperature is 30o – 35o, with a chance of reaching 40o in July and August, while it rains severely in winter and the temperature may reach 10o.
Mersin is a significant coastal city in Turkey, boasting over 326 kilometers of coastline. Mersin, which features popular tourist beaches, has made a reputation for itself in the tourism industry in recent years.
Mersin, like every other Turkish city, offers various tourist attractions, including archaeological and historical sites, natural beauty, and religious structures.
On the one hand, Mersin’s abundance of essential-for-daily-life retail outlets boosts all types of visitor investment. On the other side, they attract a large number of visitors who come to buy. Mersin’s most well-known retail complex, Forum, was named the greatest shopping center in Europe in 2009.
Furthermore, Mersin is the third largest city on the Mediterranean Sea after Antalya and Adana, and the eighth largest city in Turkey.
Mersin has emerged as one of Turkey’s most important tourist destinations, with new hotels erected on the coastline in recent years, as well as numerous vibrant amenities and institutions supporting the tourism industry.
Mersin’s huge yacht port, with 800 berths according to international standards, was constructed to boost yacht tourism in the city, and tenders were also filed.
Every year, Mersin’s International Music Festival attracts an increasing number of travelers. Many cultural activities, including the Mersin Festival of Turkish Music and the Mersin International Festival of Multi-Voiced Choruses, are being arranged to boost tourism. Furthermore, at various times throughout the year, the municipalities of Akdeniz and Yenisehir host free theatre performances for local and foreign audiences.
The price of a 150 square meter 3+1 apartment is 101,436 USD.
The price of a 450 square meter 4+3 villa is 403,003 USD.
How to Choose a Real Estate Agent to Buy a Property in Turkey?
Turkey’s real estate market is still developing, and it’s huge; you could fit the European countries in it three times and still have room. That means you won’t find the massive national chains of agents you’re used to in your home country. Smaller agents can’t advise you on the relative benefits of other towns or neighborhoods.
An estate agent must be registered by June 1, 2018. They now need a VQA level 4 (for workers) or 5 (for office owners) accreditation by the end of 2019.
If you don’t comprehend an agent’s coverage, you could miss out on great opportunities. Yes, some foreign organizations work with Turkish properties, but their scope is limited. Because houses might be listed with multiple agents, agents may require you to sign up with them before showing you a property to ensure they receive the commission. However, Turkish agents occasionally share commissions – normally 3% for buyers.
You can discover real estate information in Turkish. You may want to employ a translator to ensure you obtain an unvarnished and true account of what is being said, especially if you are participating in the legal process.
Many agencies will suggest a lawyer, but you should choose an independent lawyer with experience in cross-border sales. It will be easier for you if they understand your regulatory, financial, and Turkish market history.
What to Consider While Buying a Property in Turkey?
Before making a choice, consider all possible outcomes. Buying a home may need a large loan, with monthly payments deducted from your wages, so approach with prudence. Other considerations to consider when buying a new apartment or house are location, possession date, and pricing. Here are the things to consider when buying a property in Turkey.
- Property Cost: Setting a budget is the first step. Knowing your budget helps you narrow down your options. Next, compare the property’s price to similar properties from other builders to see if the builder gave you a genuine quote. There are several ways to compare properties in the area you select to research. Sources include portals, local brokers, and newspapers.
- Property Legal Check: Confirm if the property is legally permitted to be developed on the land. This includes the water and sewage boards, as well as the power and municipal companies. In contrast, while applying for a home loan, the bank will examine your property paperwork.
- Financing: You should know whether banks are prepared to fund certain builders. Because of this, many banks would not lend to confident builders. As a result, you must check with banks to see if they are willing to fund your project.
- Builder-Buyer Agreement: Once you’ve chosen a property, you can pay a small fee to reserve it and obtain an allocation letter. The buyer, bank, and builder then sign a tripartite agreement for the balance. Before signing, make sure you fully understand this contract. Toute’s words must be easily understood, and any uncertainties must be voiced now.
- The house’s location: Not to mention, it is important to have a look around the area where you will eventually dwell. Facilities, physical infrastructure, and accessibility to all critical locations must all be taken into account. These features will help to create a more peaceful living atmosphere in your house.
What are the Benefits of Buying Property in Turkey?
Buying property in Turkey has risen considerably during the last decade. A renowned tourist destination, Turkey boasts a fascinating history, culture, nature, and climate. Sales of overseas residential property in Turkey grew dramatically after the reciprocity law was passed in 2013. Investing in or moving to Turkey has only one rationale. Turkey is a great destination to live and invest in.
Buying or investing in real estate is all about calculating the long-term benefits. A list of benefits of buying a property in Turkey can be found below.
- Obtaining Turkish citizenship: Foreigners with property in Turkey can apply for residency. Turkish citizenship is available to foreigners who invest at least US$400,000. The foreigner and his or her family will get Turkish citizenship in six months. Buying property in Turkey is a rewarding investment that also permits you to seek Turkish citizenship.
- Residence permit: Foreigners who buy property in Turkey can easily get a three-year residency visa for themselves and their families. This residency permit is provided to the entire family (wife/husband and minor children). Foreigners with residency permits can enroll their children in Turkish schools.
- Cheapest real estate in Europe: Turkey’s real estate and construction sectors have exploded in recent years, offering buyers luxurious and modern options. While most modern homes include smart home technology, they often have luxury social amenities like a pool, spa, and gym.
- Excellent return on investment: Turkey has strong financial institutions and finding the correct financing option to help you acquire your ideal home is simple and quick. Real estate investing is the safest and least dangerous way to invest in residential or commercial real estate.
- Low living costs: Turkey’s cost of living is also far lower than that of the EU or the United States. Turkey is mostly an agricultural country. Throughout the four seasons, fresh fruits and vegetables are available in the nation. As a result, food prices in our nation are quite low. Because of the currency rate, foreigners from other countries may live comfortably in our nation.
- Geographic location and history: Turkey is huge. The country’s capital is Ankara, and its largest city is Istanbul. The Black Sea, Marmara Sea, Aegean Sea, and the Mediterranean Sea surround Turkey. Turkey’s landscape, flora and fauna, huge sandy beaches, ideal climate, and rich history all combine to make it an enticing tourist destination. 3.2 million tourists visited Turkey in the first two months of the year. Turkey’s tourism industry pays. In 2018, it was around US$30 billion.
Turkish Citizenship by Real Estate Investment
It is possible to gain Turkish citizenship through real estate investment. The Republic of Turkey has enacted new rules and restrictions for foreigners seeking Turkish citizenship. To learn more about the benefits of Turkish citizenship and how to become a Turkish citizen, our expert staff will guide you through the process, assisting you every step of the way.
The most prevalent method of obtaining Turkish citizenship is through investing. Foreigners can obtain Turkish citizenship by investing in the nation. This benefit allows the investor to apply for Turkish citizenship by providing necessary papers and completing a certain legal procedure through specified agencies.
The methods of obtaining Turkish Citizenship by investment are listed below:
- Purchasing a Property Worth at Least $400,000
- A Capital Investment Worth at Least $500,000
- Create at Least 50 Employment or Start a Firm with a Capital of $500,000
- $500,000 or Equivalent Deposit in a Turkish Bank Account
- Buy the Internally Held Public Debt At Least Worth $500,000
- Real Estate Investment Fund Participation Share or Capital Investment Fund Participation Share.
What is the Cost of Buying Property in Turkey?
Buying an apartment or villa in Turkey is comparatively cheap compared to Europe. You can add 3-4% to the final cost.
The VAT rates in Turkey are 1%, 8%, and 18%. When buying property, it’s usually 18%. If the investor meets the legal requirements, he or she may be exempt from VAT. Details on the VAT exemption can be found in our taxation blog.
The title deed fee is 4% of the property’s price. The buyer and seller pay a title deed fee. Payment terms for title deed fees vary for each transaction. Some owners insist on full payment, while others seek a 50% share. In other circumstances, the seller pays the charge and the buyer is not compelled to pay it.
Payment for circulating assets should be made on a local basis. The chosen circulating asset payment for 2020 ranges from US$7 to US$33 depending on provenience.
A charge is required to be paid for the services provided by the TAPU (title deed) Office. The Ministry determines this charge every year. The service charge for 2020 has been set at US$55.
An authorized person can handle the TAPU transaction. A Power of Attorney (POA) must be approved by the TAPU Office. In Turkey, only the Notary Public can prepare the POA. The POA Notary Public will be paid between US$50-72. Oral translation and passport translation will also be rewarded between US$25-36.
For those who are unable to read or write Turkish, a sworn interpreter is required for the transaction. The translator will explain the terminology and specifics of the title deed documents. The cost for spoken translation ranges from US$30 to US$45.
Real estate agents work on commission. This is an important factor in evaluating the costs of buying property in Turkey. They are paid after a property sale. So they don’t get paid until after settlement. In Turkey, the usual commission rate is 4%. Periods of payment for the agent’s service vary by transaction. Some owners want the buyer to pay the full amount, while others desire a split. In other circumstances, the seller pays the charge and the buyer does not.
Unlike other types of sales contracts, real estate sales are governed by Turkish law. Investors should therefore choose brokerage businesses that have in-house attorneys. If your firm does not provide this service, you should obtain legal advice. The lawyer’s fee, in this case, starts at US$1,500.
The real estate tax is a legal home property tax rate, It is 0.2% of the metropolitan area’s market value. Non-metropolitan communities pay 0.1 percent of market value. Commercial property rates are shifting. It represents 0.4% of the metro area’s market value. In non-metropolitan areas, it is 0.2% of the market value. The property is taxed once a year and paid in two installments. Taxation periods and payment deadlines can be found here.
DASK is a form of insurance that is required by law. This insurance protects against natural calamities such as earthquakes and fires. This insurance needs to be renewed annually. The cost of insurance varies depending on the size and quality of the property. The price ranges from US$7-20.
Bills will be higher in proportion to how much gas, water, and electricity are utilized. The primary services paid for by the bill in Turkey include gas, electricity, water, and internet. These invoices are sent out every month and are paid by the resident.
Every residential development has its own set of social amenities and services available to homeowners and residents. Rates are determined by the location of the property and the size of the residence. The maintenance expenses range from US$7 to US$144.